Introduction to business

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What is a business?
A business is any organisation that makes goods or services
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What are inputs? Define and List 5
Inputs refer to the resources used by a business to create products: Staff: the skill and effort of workers, managers and owners, Raw materials and components, Buildings and machinery, Finance (money) and Entrepreneurs to organise
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What are factors of production?
Land: all natural resources, Labour: the physical and mental work of people skilled or unskilled, Capital: goods used to make more goods and Entrpreneu: a risk taking individual who organises and manages business activity
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Define Output
Outputs are goods and services firms produce from inputs
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Is production the only output of a firm?
Firms intend to just produce goods and services but there are almost always unintended side or spillover effects from production.
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List 2 unintended outputs
Pollution: waste materials
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Card 2

Front

What are inputs? Define and List 5

Back

Inputs refer to the resources used by a business to create products: Staff: the skill and effort of workers, managers and owners, Raw materials and components, Buildings and machinery, Finance (money) and Entrepreneurs to organise

Card 3

Front

What are factors of production?

Back

Preview of the front of card 3

Card 4

Front

Define Output

Back

Preview of the front of card 4

Card 5

Front

Is production the only output of a firm?

Back

Preview of the front of card 5
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